Home » Industries » Exxon sues EU in move to block new windfall tax on oil companies
Exxon sues EU in move to block new windfall tax on oil companies
California windfall tax would lead to refinery ‘shutdowns,’ ‘exacerbate’ oil supply crisis: Andy Lipow
Lipow Oil Associates President Andy Lipow calls for a ‘balanced approach’ to the ‘expensive’ renewable energy push.
U.S. oil major Exxon Mobil Corp is suing the European Union in a bid to force it to scrap the bloc's new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy.
Record profits this year by oil companies benefiting from high energy prices have boosted inflation around the world and led to fresh calls to further tax the sector.
The windfall profits tax is "counter-productive," discourages investments and undermines investor confidence, Exxon spokesperson Casey Norton said on Wednesday. Exxon will factor in the tax as it considers future multibillion-euro investments in Europe’s energy supply and transition, he said.